Students from the University of Southern Mindanao open their first financial transaction accounts during an onboarding activity in Cotabato.
More than 200 university students in Mindanao took a concrete step toward formal financial participation after opening their first transaction accounts during a Youth Financial Inclusion (YFI) Initiative onboarding activity at the University of Southern Mindanao in late January.
Held on January 30 in Kabacan, Cotabato, the onboarding marked a significant turnout for the program, which aims to strengthen financial health among young Filipinos by introducing them early to basic banking services. Transaction accounts, organizers said, serve as an entry point to a wider range of financial tools, from savings and credit to digital payment platforms.
The push highlights a persistent gap in youth participation in the formal financial system. Available data show that only around three in every ten Filipinos aged 15 to 19 currently have an account, underscoring the scale of the challenge for policymakers and financial institutions alike.
Launched in January 2025, the YFI Initiative is led by the Financial Inclusion Steering Committee chaired by the Bangko Sentral ng Pilipinas, as part of broader efforts to expand access to safe, affordable, and convenient financial services across the country.
At the University of Southern Mindanao, the activity was organized by student-led YFI Ambassadors, who worked with the central bank to introduce freshmen to the basics of financial inclusion. The program featured discussions on personal finance management, the community impact of wider financial access, and the BSP’s ongoing digitalization drive.
Representatives from financial service providers also briefed students on savings options, student-friendly loan products, and digital tools designed to make everyday transactions easier and more secure—an emphasis that aligns with the central bank’s push toward greater use of digital finance.
The Cotabato onboarding was the third in a growing series of YFI activities, following similar engagements in Southern Leyte and Cavite in 2025.
Organizers said the continued rollout reflects a deliberate strategy to reach students outside major urban centers, positioning financial inclusion as a foundational skill for the next generation as they enter higher education and, eventually, the workforce.
